Searches and Hires

Imperial County sets $40 million for TPG special situations fund

Imperial County Employees' Retirement System, El Centro, Calif., committed $40 million to TSSP Adjacent Opportunities Contingent Fund, a special situations/distressed debt fund managed by TPG, said Scott Jarvis, retirement administrator.

It is the $817 million pension fund's first commitment to a TPG fund and will be allocated to its opportunistic strategies asset class. As of March 31, the pension fund's actual allocation to opportunistic strategies was 0.4%.

The fund "will not call capital or make investments until the manager activates the fund in the future (at the manager's own discretion). As a result, it is uncertain when client's commitment will be called, if at all," according to a report from investment consultant Verus Advisory to the board.

Verus assisted with the commitment.